Mick Wallace So #Biden will start as #Trump left off - continuing to impose 'collective punishment' on the people of #Venezuelahttps://t.co/9gtWc2M5Yw
Mick Wallace #EU wants to talk about Western backed protesters in #HongKong where - unlike #US - police have killed no protester… https://t.co/0NaZRH0LxN
Mick Wallace RT @wallacemick: Very significant amendment for us to win - by just 2 votes - Tax Havens are largely responsible for helping to enshrine po…
Mick Wallace RT @wallacemick: #EU - Latin America gig talked about reducing inequality + overcoming #COVID19. During a pandemic one would expect all cou…
 Below is a statement I released to the press this evening regarding today's court proceedings.



MD Wallace Construction

Monday, 10 October 2011

I consented to the judgement by the court today against my company M&J Wallace Ltd. and Mick Wallace personally. I accept the law of the land, my company borrowed the money, I personally guaranteed these borrowings, and now the company cannot pay it back. However, I do have serious reservations regarding the manner in which some banks are operating. While I have accepted full responsibility today for my company’s debt to ACC/Rabobank, I do believe that serious discussions must take place in relation to the lenders’ responsibility to their customers. Facilities repayable on demand are unrealistic. Though facility letters commonly state the right of the bank to do this, it was never anticipated that a bank would demand and expect full repayment overnight. Regulation needs to be put in place to ensure that the terms of every loan are realistic and that they reflect reasonableness.

My company is clearly in a difficult place, owing money to subcontractors, the Revenue, and the banks. I sincerely regret this. We will continue to do our utmost to meet repayments and maximise the return to our creditors.


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Namaleaks is a project that seeks to uncover possible injustice and poor practice related to NAMA (National Asset Management Agency) and financial institutions in Ireland.


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